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Construct a Marshallian demand function in which one good is a Giffen good. Construct a demand function in which two goods i and j are substitutes but ∂xi/ ∂pj
Jim and Matt allocate their consumption between two goods: hats and bats. The price of hats is $4 each and the price of bats is $8 each. For Jim, the marginal utility of the last hat consumed was 8 and the marginal utility of the last bat was 24
What number of units will minimize the standard deviation of their return? What is this minimum value? And what is the corresponding return?
Create a Laspeyres price index using June as the base period (that is, use Arnold's consumption bundle for June to create the fixed weights). How did his cost of living change according to this measure?
A firm called Altobella Vineyard produces Concord grapes in a perfectly competitive market in which monthly demand is given by the equation Q = 1800 - 16P and monthly supply by the equation Q = -660 + 14P, where P is the price per crate of grapes.
Investigate the history of slavery and discuss the ways in which this history impacts contemporary society
Aid to Families with Dependent Children (AFDC) was established with the Social Security Act of 1935. The family was given an income subsidy depending on family size. Under this program, the family's benefit was reduced by $1 for every dollar earne..
Consider a labour market in which the supply curve is given by: w= 10 + Ls (where w is the wage rate and Ls is the quantity of labour supplied). Further, assume that the demand for labour is given by w = 100 - Ld (where w is the wage rate and Ld i..
Compute the change in the number of unemployed from the first number in the table to the most recent month in the table. Do the same for the number of employed workers. Is the decline in unemployment equal to the increase in employment? Explain in..
Notice that the marginal external benefit is constant at $4 per book, so the gap between the marginal private benefit curve and the marginal social benefit curve is $4.
Consider the following sequence of year-end cash flows: EOY cash flow 1 2 3 4 5 (1)=$8000 (2)=$15,000 (3)=$22,000 (4)=$29,000 (5)=$36,000 What is the uniform annual equivalent if the interest rate is 12% per year
Assume the interest rate (and your discount rate) is 10 percent what is the actual payoff The correct answer is $13,518,048 (rounded to the nearest dollar) But I keep getting $12,289,134 (rounded to the nearest dollar)
Calculate the market demand. Assume that the market price for the good is $4 due to perfectly elastic industry supply. Using the market demand function, calculate the total consumers surplus. Calculate the total consumers surplus using individual ..
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